BANKRUPTCY

Legal Guidance for Chapter 7 & Chapter 13 Bankruptcy

Struggling with your current financial situation? Thinking about filing for bankruptcy? Overwhelmed with the bankruptcy process? Walter J Skotynsky Law Firm can help with all this and more. We work with individuals who are looking to file for Chapter 7 or Chapter 13 bankruptcy and help them navigate through the complicated process with ease and understanding. You should not take this on alone. Call Attorney Skotynsky at (419) 241-8811 to schedule a bankruptcy consultation.

Individual Bankruptcy Filing Options

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is often the most common form of bankruptcy for individuals. It is designed to eliminate unsecured debts such as credit card bills, personal loans, and more. This form of bankruptcy is typically chosen by individuals because it provides immediate debt relief from creditors and other agencies and can even prevent garnished wages.

  • What are unsecured debts?

    An unsecured debt is a loan that a person or company gave you that doesn’t require collateral. Examples include credit cards, medical bills, personal loans, utility bills, and more.

  • What debts cannot be forgiven with Chapter 7?

    The most common forms of debt that cannot be discharged are alimony and child support. Student debt is typically not forgivable but can be in very specific cases.

Chapter 13 Bankruptcy

Unlike chapter 7, Chapter 13 bankruptcy is a consolidation of your existing debt rather than an elimination of your debt. Chapter 13 is designed for individuals who need to catch up on past payments for car loans, mortgages, and other secured debts. During the process, the court will establish a payment plan with various regulations to help ease your financial situation.

  • What are secured debts?

    Description: Secured debts are loans that a person or company provides that require collateral or a lien. This means if you don’t make your payments, the party that issued the loan can repossess the asset.

  • What is required for a payment plan?

    Description: Each payment plan is different depending on your situation. You will get a chance to submit your own plan or a court will create one for you. All payments are made to a “trustee” who oversees the repayment of debt to your creditors.

Individual Bankruptcy Filing Options

Bankruptcy Filing - Toledo, OH - Walter J Skotynsky Law Firm

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is often the most common form of bankruptcy for individuals. It is designed to eliminate unsecured debts such as credit card bills, personal loans, and more. This form of bankruptcy is typically chosen by individuals because it provides immediate debt relief from creditors and other agencies and can even prevent garnished wages.

  • What are unsecured debts?

    An unsecured debt is a loan that a person or company gave you that doesn’t require collateral. Examples include credit cards, medical bills, personal loans, utility bills, and more.

  • What debts cannot be forgiven with Chapter 7?

    The most common forms of debt that cannot be discharged are alimony and child support. Student debt is typically not forgivable but can be in very specific cases.

Chapter 13 Bankruptcy

Unlike chapter 7, Chapter 13 bankruptcy is a consolidation of your existing debt rather than an elimination of your debt. Chapter 13 is designed for individuals who need to catch up on past payments for car loans, mortgages, and other secured debts. During the process, the court will establish a payment plan with various regulations to help ease your financial situation.

  • What are secured debts?

    Description: Secured debts are loans that a person or company provides that require collateral or a lien. This means if you don’t make your payments, the party that issued the loan can repossess the asset.

  • What is required for a payment plan?

    Each payment plan is different depending on your situation. You will get a chance to submit your own plan or a court will create one for you. All payments are made to a “trustee” who oversees the repayment of debt to your creditors.

Consolidation Of Existing Debt - Toledo, OH - Walter J Skotynsky Law Firm

CALL ATTORNEY WALTER J SKOTYNSKY AT (419) 241-8811 FOR INDIVIDUAL BANKRUPTCY SERVICES.

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